Protecting nature on private land using revolving funds: Assessing property suitability

Hardy, M, Bekessy, S, Fitzsimons, J, Mata, L, Cook, C, Nankivell, A, Smillie, K and Gordon, A 2018, 'Protecting nature on private land using revolving funds: Assessing property suitability', Biological Conservation, vol. 220, pp. 84-93.

Document type: Journal Article
Collection: Journal Articles

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Title Protecting nature on private land using revolving funds: Assessing property suitability
Author(s) Hardy, M
Bekessy, S
Fitzsimons, J
Mata, L
Cook, C
Nankivell, A
Smillie, K
Gordon, A
Year 2018
Journal name Biological Conservation
Volume number 220
Start page 84
End page 93
Total pages 10
Publisher Elsevier
Abstract Protecting biodiversity on private land is an important and growing part of global conservation efforts. Revolving funds are used by conservation organisations to buy, resell and permanently protect private land with important ecological values. By reinvesting proceeds from sales in additional properties, revolving funds offer a potentially cost-effective way to protect biodiversity. Their success requires managers to choose properties that can be resold and recover costs, with resale outcomes having consequences for subsequent acquisitions. However, revolving fund property selection is a multi-dimensional decision, influenced by various ecological, social and financial considerations. In conjunction with revolving fund managers, we developed a Bayesian Belief Network (BBN) to understand which factors they consider to be the most influential on a propertys suitability for acquisition, and how much to pay for it. Sensitivity analysis revealed that managers perceive property suitability to be heavily influenced by the threat to the propertys ecological values, the acquisition and ongoing management costs, and finding alternative options for protection. Amenity values were seen to heavily influence property resale. Threat and alternative options influence how much to pay, but most influential was the balance of the fund when the purchasing decision is made. Our results suggest managers are taking a low risk approach to property selection. Opportunities may exist to apply revolving funds to higher risk properties otherwise difficult to conserve, provided the need for resale is still met. Ensuring revolving funds target properties with suitable attributes could increase the contribution of this tool to conserving biodiversity on private land.
Subject Conservation and Biodiversity
Environment Policy
Keyword(s) Conservation acquisition
Privately Protected Areas
Conservation planning
Conservation buyer
Conservation covenant
Conservation easement
Private land conservation
Property selection
DOI - identifier 10.1016/j.biocon.2018.01.026
Copyright notice © 2018 Elsevier Ltd. All rights reserved.
ISSN 0006-3207
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